Macquarie Equities Limited (MEL) will spend a further 12 months under the watchful gaze of ASIC and KPMG after the completion of its enforceable undertaking on 29 January this year.

Macquarie Equities Limited advice files have gaps and require further testing, the Australian Securities and Investments Commission (ASIC) said as the two year enforceable undertaking (EU) into the organisation's advice arm comes to an end.

Macquarie Group is motoring along in top gear again but it can now see John Walker, chief executive of litigation funder IMF Bentham, looming in its rear vision mirror.

The Commonwealth Bank's boss, Ian Narev, recently noted that the financial fallout from the bank's financial advice scandal had not been significant and it's probably fair to say that in the longer term it won't sustain any real brand damage.